Damages

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Damages Financial/monetary compensation for loss suffered/incurred by the Insured. Many different insurance products provide financial protection for financial loss or injury. Generally there are three main types of damages: Firstly, compensatory damages, meant to restore to the injured party what they have lost due to the other party's wrongful act. This includes bodily injury, property damage, consequential damages, and general damages. Second, nominal damages refer to small amounts awarded as a symbolic gesture to indicate the wrongdoing of the defendant in cases in which the plaintiff cannot provide substantial proof of loss. Finally, punitive damages are in excess of compensatory damages and meant to punish the defendant for a particularly egregious nature of the misconduct. It is important to understand the coverage a liability insurance policy offers to minimize exposure. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognised at law, the loss must involve damage to property, or mental or physical injury; pure economic loss is rarely recognised for the award of damages. Damages are further categorized into special damages, which are economic losses such as loss of earnings, property damage and medical expenses, and general damages, which are non-economic damages such as pain and suffering and emotional distress. Rather than being compensatory, at common law damages may instead be nominal, contemptuous or exemplary. Individually to prevent ourselves from Damage and Injuries, we need liability insurance cover. Whether we are at work, daily activities or involved in other activities, we do things every day for which we can be held legally responsible. “Liability” insurance can protect us if we cause property damage or bodily harm to another person. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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